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Wall Street eyes four more years for Powell at Fed
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Federal Reserve Chairman Jerome Powell remains favored for renomination by the White House, and if recent history repeats itself, a decision may come at any time before the central bank meets again in early November.
Wall Street expects Powell, who was nominated for the role by President Donald Trump in 2017, to be renominated by President Joe Biden for another four-year stint.
"I think the market would like that because it is continuity and they have become comfortable with him, he's a known quantity," said Keith Lerner, Co-Chief Investment Officer at Truist Advisory Services. "In general, I think the Street has a positive view."
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Political betting website Predictit shows Powell with around an 84% chance of being reconfirmed by the Senate, down from 90% on Sept. 12 but roughly even with where his chances stood in July. Fed Governor Lael Brainard's chances stood at about 15%, the site showed.
Powell replaced Janet Yellen as chair of the Board of Governors of the Fed in February 2018, and has had to maneuver the economy through its worst crisis since World War Two, battered by the COVID-19 pandemic that started early last year.